When the Supply of Labor to a Firm Is Perfectly

question 45

Multiple Choice

When the supply of labor to a firm is perfectly elastic the marginal factor cost will equal the

• A) market price of the product.
• B) wage rate.
• C) marginal physical product.
• D) wage rate times the number of workers.

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Definitions:

Pre-enslavement

The historical period or the conditions experienced by individuals or communities before they were subjected to slavery.

Slave Passage

Refers historically to the Middle Passage, the traumatic sea voyage that transported millions of Africans to the Americas as part of the transatlantic slave trade.

Reconstruction

The period after the American Civil War during which the Southern states were reorganized and reintegrated into the Union, or more broadly, any period of rebuilding after significant destruction.

Reparations

Acts of compensation offered to victims in an effort to restore what has been lost. An aspect of the restorative justice model.